Global beauty and makeup industry worth over $700 billion in 2024

The global beauty, makeup, and wellness industry is worth over $700 billion in 2024 and is estimated to increase further in subsequent years.

According to the Fund Manager of the Ghana Skills Development Fund (GSDF), Mr. Dunwell Eku, this is a booming industry that employs millions, and Ghanaians, especially the youth, must take advantage of opportunities within the sector to address unemployment challenges.

“Clearly, there is money to be made within the industry, and Africans, especially Ghanaians, must begin to take advantage of the space,” he stated.

Mr. Eku spoke at the recently held 8th edition of the Africa Makeup and Beauty (AMB) Fair in Accra, bringing vendors and beauty and wellness enthusiasts together to explore growth initiatives.

It also served as a platform for industry players to network and share ideas while collaborating to expand and sustain the AMB Fair.

Mr. Eku emphasized that “this is a very stable and reliable industry and has seen massive growth over the years. The beauty sector is not only lucrative but also a source of job creation, with millions already employed worldwide. Ghanaians must seize opportunities within this space to build businesses, create jobs, and generate income.”

He advised Ghanaians in the business to improve their customer service since they were dealing with people, and their interactions would have an immediate effect on their business.

“It is important to have a business model that appeals to clients and also expands into new areas where there are many opportunities,” he stressed. For example, he said, the cosmetics space had developed, urging entrepreneurs to come out with unique products that would make an impact in the market.

He commended Makeup Ghana, organizers of the event, for the initiative of bringing players under one umbrella to foster unity and growth. The Chief Executive Officer of Makeup Ghana, Rebecca Donkor, stressed the need for industry players to work towards preserving the environment by making eco-friendly products.

Reflecting on the theme: ‘Sustainable Synergy for Eco-Empowerment in a Changing Climate,’ she stressed that industry players must not only strive for creativity and innovation that defined the beauty and wellness sector but also embrace the collective responsibility to implement sustainable practices that safeguard the environment and secure the well-being of future generations.

“The idea of synergy, of working together harmoniously, is central to this effort. Through fruitful collaboration, we can harness our strengths and create lasting solutions that benefit both our businesses and the planet,” she mentioned.

The AMB Fair, over the years, she stated, had become a vital platform for African beauty and wellness brands to connect with global opportunities, elevate their brands, and forge partnerships that drive positive change.

“The collaboration we see today has not only fueled innovation but has also positioned African brands on the global stage as leaders of sustainable beauty,” she added.